The village of Downers Grove has been upgraded to a AAA bond rating—the highest rating issued by Standard & Poor's (S&P).
The rating's upgrade from AA+ came as the village sought to refinance its 2005 series bonds. The outlook is stable, according to S&P.
"The rating reflects Downers Grove's strong economy which benefits from its location near Chicago, its strong budgetary flexibility, and adequate budgetary performance," the rating service said.
Downers Grove Mayor Martin Tully said all Downers Grove residents and businesses benefit as the village refinances its bonds at a lower cost.
"This outstanding municipal bond rating is directly attributable to the village's efforts to be a steward of financial sustainability," Tully said in a statement. "With this analysis and report, Standard & Poors has acknowledged our long range planning efforts and exceptional management practices."